Written By: Smita B

Following the Union Budget 2024 announcement, investment opportunities in the healthcare industry are boosted. Additionally, the budget’s preference for service and infrastructural improvement activities positively impacted the healthcare business opportunities. In particular, healthcare franchise business opportunities may prove to be a profitable venture for business enthusiasts who want to enter health and fitness businesses.

The budget has created a welcoming environment for the healthcare industry by announcing various favorable decisions for the sector. It includes increased funding for the healthcare industry, customs duty exemption for some prime Cancer medications, and X-ray tools.

In this article, we will explore why a medical franchise is the best option for business aspirants post Union Budget 2024. So, let's dive into the topic by taking a look at some prominent announcements made by Finance Minister Nirmala Sitaraman for the healthcare sector.

Healthcare Budget 2024 Key Highlights: Advantages For Healthcare Franchise

Union Budget 2024 has encouraged many sectors. The healthcare sector is one of them where the government focuses on delivering the finest healthcare services in the country by allocating maximum funding to the sector. It eventually promises major opportunities for those involved in the sectors as well as for business aspirants. Following are key highlights of the healthcare budget of 2024.

• The healthcare budget has been increased by 12.59% for the health ministry. Finance Minister Nirmala Sitharaman announced ₹ 90,658.63 Cr. for the healthcare sector in Union Budget 2024.
• In the Budget, the finance minister has allotted ₹ 87,656.90 Cr. to the Health and Family Welfare department and ₹ 3301.73 Cr. to the Health Research department.

1. AYUSH ministry budget increased by 23.74% in the 2024 Union Budget. Earlier it was ₹ 3000 Cr, in the 2024 Budget it went to ₹ 3712.49 Cr
2. PM Budget 2024 Jan Arogya Yojana now stands at ₹ 7500 Cr, up from ₹ 6800 Cr.
3. The budget for the National Digital Health Mission was raised from ₹ 200 Cr. to ₹ 250 Cr. in 2024.
4. National Tele Mentel Heath Program budget increased from ₹ 65 Cr. to ₹ 100 Cr.
5. In 2024 Budget Autounoums Bodies' budget increased from ₹ 17250.90 Cr. to ₹ 18005.65 Cr. In this category, AIMS New Delhi allotted ₹ 4523 Cr. (in 2023-24 it was ₹ 4278). Whereas ICMR allotted ₹ 2432.13 Cr. (in 2023-24 it was ₹ 2295.12).

• Finance Minister Nirmala Sitaraman announced the exemption
• Three important cancer medications (Durvalumab, Trastuzumab Deruxtecan, and Osimertinib) are completely exempted from customs duty in the 2024 budget.

Promising Future Of Healthcare Franchise In India Post Budget 2024

Union Budget 2024 has established a revolutionary roadmap for the country’s healthcare segment. Therefore, many business opportunities are revived in the sector for investors. Healthcare franchise have emerged confidently after this allocation for the sector.

Next, we will share reasons behind the promising environment for healthcare franchise business opportunities, especially post budget.

Growing Population Fuled Demand For Healthcare Services

Due to its swiftly expanding populace, India is experiencing a huge demand for proper, quick, and reasonable healthcare services. And after noticing this equation between healthcare and the population’s demand for healthcare services, Union Budget 2024 has created a separate path for the healthcare sector.

In this path, the government allocated various favorable elements to the sector along with excessive funding. Hence, aspirants or investors seeking opportunities in this sector can see healthcare franchises as a promising career platform.

Increased Budget Allocation For Healthcare Sector

Elevated funding for the healthcare sector in Union Budget 2024 has added substantial advantages in healthcare franchise business opportunities. These increased finances are primarily allocated to the sector to improve the quality of healthcare services across the country.

Where the sector authorities can use these funds to provide better healthcare training initiatives, wide healthcare infrastructure, reasonable healthcare services, and technology integration.

The budget has generated many business opportunities where healthcare franchises have scope to grow. For instance, aspiring franchisees can invest in preventive healthcare service sectors, pharmacies, medical equipment sales, medical consultancy businesses, etc. Eventually, the increased budget allocation for the healthcare sector encourages a healthier and more productive atmosphere for the healthcare franchise sector.

Need For Tried And Tested Business Model

After the Union Budget announcement for the Healthcare sector, a proven business model has become a very important factor for the industry growth. The healthcare sector has received significant modifications along with the increased finances. As a result, to properly manage the inflow of funds to improve healthcare services proven business framework has become a necessity. However, investors are considering the healthcare franchise business model as an effective and trustworthy framework to be part of the industry.

Additionally, well well-established franchise framework shows a clear path to run the healthcare business more efficiently. For instance, the right usage of available resources and funds, delivering high-quality medical services, navigating fresh concepts for businesses, etc. Hence, many aspirants are looking for the best healthcare franchise business opportunities in India to leverage the post budget benefits of the sector

Governments Favorable Conditions For The Healthcare Sector

Finance Minister Nirmala Sitaraman’s Budget allocation for the healthcare sector has shown a strong commitment towards the sector. As the 2024 Union Budget has increased funding for the sector to develop many aspects such as infrastructure development for the sector, several health program announcements for the Indian population, encouragement of technological development for the sector, etc.

These decisions encourage private businesses to grow and succeed in the sector. Moreover, it has become advantageous for franchise businesses in this sector. The government's favorable moves for the healthcare sector is eventually presenting numerous chances for healthcare franchises to grow.

Unique And Endless Opportunities Through Healthcare Franchise Model

The Finance Ministry of India has been focusing on many aspects to improve the healthcare services in India. And they have implemented certain facilities for the sector in the Union Budget 2024. The government is planning to provide the best healthcare facilities in every part of India. Especially, the rural and semi-urban localities of the country. As the need for urgent and advanced healthcare facilities are right of every individual regardless of their residential location. It is possible to provide efficient healthcare services in those areas with healthcare franchise business opportunities.

Additionally, the need for advanced services is also a part of where the franchise business model can grow. Aspirants can start a franchise business in the sector by associating with big brands from the medical field. Where they can start a medical franchise. Hospital franchise, pharmacy franchise, online healthcare franchise etc. healthcare franchise in India.

Huge Demand For Categorised Medical Services

Many healthcare business owners are incorporating franchise business models for strategic expansion of their business. Because of the demand for services like diagnostic centers, laboratories, rehab centers, and eldercare facilities is increasing in India.

Moreover, after the concrete healthcare budget announcement aspiring franchise business owners have become confident to start their business ventures by investing in reputed franchise brands. Where they can achieve success in the healthcare business.

Promising Healthcare Franchise Brands

• Dr. Lal Path Labs - Pathological lab franchised
• Thyrocare Technologies Limited - Diagnostic center franchise
• Generic Aadhar - Pharmacy franchise
• SRL Diagnostics Ltd. -  Diagnostic center franchise
• India IVF - Nursing Home franchise
• Eye Mantra - Eye Care  franchise

Conclusion

The Union Budget of 2024 has formed a powerful base for India’s healthcare sector by announcing various favorable conditions and excessive finances. Hence, the businesses related to the sector are becoming promising and profitable for those who are willing to enter the medical or healthcare field. Especially, in the post budget landscape, healthcare franchise opportunities are showing as a bright business model to pursue. Hence, many aspirants are surfing information about the healthcare sector’s movement after the 2024 Union Budget announcement.

So, in this article, we have discussed all the aspects of the Union Budget 2024 related to the healthcare sector. Where we have shared the highlights of the budgets for the healthcare sector. Along with this, we have also explained the reasons why aspirants or investors should invest in the healthcare franchise business after the budget announcement. All the information in this post will guide a healthcare business enthusiast to capitalize on healthcare franchise opportunities by investing in them. Additionally, it will help them to stay up-to-date by acknowledging the current trends, future predictions, and expansion strategies of the industry.

If you are interested in being part of the divine healthcare industry by entering the healthcare franchise business in India, then visit us at FranchiseBazar. Our franchise business experts will be there to guide you to make the right franchise business decision to succeed in your entrepreneurial journey.

Disclaimer: The brands mentioned in this blog are the recommendations provided by the author. FranchiseBAZAR does not claim to work with these brands / represent them / or are associated with them in any manner. Investors and prospective franchisees are to do their own due diligence before investing in any franchise business at their own risk and discretion. FranchiseBAZAR or its Directors disclaim any liability or risks arising out of any transactions that may take place due to the information provided in this blog.